Filled gaps with recent buys; M&A now only for distinctive capability: STL CFO

Sterlite Technologies Ltd (STL) is not actively scouting for large M&As for now, having filled ‘white spaces’ or gaps with recent buys but is open to opportunities if it comes across some ‘distinctive capability’ for the acquisition, according to a senior official. The digital network integrator’s recent M&A (merger and acquisition) announcements include the acquisition of network integration company Clearcomm Group and Italy-based optical interconnect products firm Optotec.

“At this stage, we have filled the obvious white spaces in the portfolio and we are not looking at any large and significant M&As (merger and acquisitions),” Mihir Modi, chief financial officer of the company, told PTI in an interaction. That said, if some opportunity comes up in the form of a distinctive capability that is “synergistic”, the company will be open to looking at it, he added. Late last year, the company announced that it will acquire Optotec at an enterprise value of 29 million euros (over Rs 250 crore).